Gold prices in USD per troy ounce
The year of 2007 had some memorable events in the financial markets. Crude oil hit an all time high, the value of the dollar tanked, and the general market did not know which way to go. This all affected the minds of the general public to some degree, but it affected the minds knowledgeable investors more so. Trends in gold prices 2007 show these changes in gold market.
In the first quarter of 2007 gold prices had a double drop. The beginning of January saw an extremely steep decline from about $650 per troy ounce to $600. This was followed by a rise in price to about $680 before the second drop at the end of February, this time to $640. The rest of the quarter saw a steady increase in gold prices.
The third and fourth quarters had relatively stable gold prices 2007 at about $675 per troy ounce. However, in September, at the end of the third quarter, there was a striking increase. Gold prices per troy ounce rose by 7% from about $700 to $750.
The gold price gain from the third quarter continued in the fourth quarter and topped out at $845 per troy ounce. This rise was followed by a steep drop of about $65, which was then quickly followed by a run up of $50 an ounce. This period of steep peaks and narrow valleys in gold prices 2007 continued through the months of November and December with a slight attempt at a consolidation at the very end of November.
Overall, the gold prices 2007 posted an enviable gain of about 29%. Starting at $650 per troy ounce, gold prices made a strong rally to $850 before closing at $840 a troy ounce. An investor who held his ground through the low times was well rewarded at the end of the year.